Alaska Statutes 10.15.250 – Effect of recording contract
Terms Used In Alaska Statutes 10.15.250
- Contract: A legal written agreement that becomes binding when signed.
- cooperative: means a cooperative corporation subject to the provisions of this chapter. See Alaska Statutes 10.15.595
- Lien: A claim against real or personal property in satisfaction of a debt.
- member: means a person who has been qualified and accepted for membership in a cooperative. See Alaska Statutes 10.15.595
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- writing: includes printing. See Alaska Statutes 01.10.060
Recording under Alaska Stat. § 10.15.230 – 10.15.260 operates as a constructive notice to all persons of the existence and contents of the contract. Any right, title, interest, or lien created as to the products covered by the contract subsequent to the recording is subject to the cooperative‘s right, title, or interest under the contract. If the member creates a mortgage upon any products subsequent to the recording of the contract, and if the member and the mortgagee jointly notify the cooperative in writing of the existence and amount of the mortgage, all payments from the cooperative to the member which become due after the notice by reason of the cooperative’s sale or other handling of the products shall be paid to the mortgagee until the amount of the mortgage has been paid, and the balance thereafter shall be paid to the member.